Luiri Gold Closes Transaction With Carlton Resources Plc
February 23 2011 - 11:53AM
Marketwired
Luiri Gold Limited (TSX VENTURE: LGL)(ASX: LGM) ("Luiri" or the
"Company") is pleased to announce that it has completed the
transaction pursuant to the Carlton Agreement (Luiri News Release
February 14, 2011). Carlton Resources Plc ("Carlton") has finalized
the private placement of 5,875,000 common shares of the Company at
a price of A$0.15 per share (the "Private Placement") and four
existing directors of the Company have resigned immediately
following the completion of the Private Placement and have been
replaced by three new directors nominated by Carlton.
A total of 5,875,000 fully paid common shares were issued
pursuant to the Private Placement at a price of A$0.15 per share
resulting in gross proceeds to Luiri of A$881,250. These shares
will be traded in the form of CHESS Depositary Interests ("CDIs")
and rank equally in all respects to existing quoted CDIs on the
Australian Stock Exchange ("ASX") and Luiri shares listed on the
TSX Venture Exchange. No finder's fees were paid in connection with
the private placement. The CDI's are subject to a statutory hold
period of four months from the date of closing.
The funds will be used as working capital for Luiri.
Carlton's shareholding in Luiri represents approximately 5% of
the issued shares of the Company.
New Board Appointments
Effective on the February 23, 2011, each of Michael Sperinck,
Peter Tanham, Gordon Richards and Richards Billingsley have
resigned from the board of directors of Luiri. Melissa Sturgess has
been appointed as Executive Chairman and Mike Langoulant and Evan
Kirby as directors of Luiri. Each of the new directors is also a
director of Nyota Minerals Limited. Melissa Sturgess resigned as a
director of Carlton on the 12th February, 2011.
Company Direction
The New Directors will continue to work to resolve the tenure
issues surrounding Mining License LML 48 in Zambia. It is the
Company's intention to grow via a regional exploration programme
which would run parallel to the development of LML 48 following
resolution of the tenure issues.
ON BEHALF OF THE BOARD OF DIRECTORS OF LUIRI GOLD LIMITED
This news release includes certain forward-looking statements or
information. All statements other than statements of historical
fact included in this release, including, without limitation,
statements regarding plans for the completion of a private
placement financing and other future plans and objectives of the
Company are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's plans or expectations include market
prices, availability of capital and financing, general economic,
market or business conditions, regulatory changes, timeliness of
government or regulatory approvals and other risks detailed herein
and from time to time in the filings made by the Company with
securities regulators. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise except as otherwise required by applicable securities
legislation.
NONE OF THE TSX VENTURE EXCHANGE, ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE), OR THE ASX HAS REVIEWED THIS RELEASE AND NONE OF
THEM ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
Contacts: Luiri Gold Limited Melissa Sturgess +44 7825 551 397
Luiri Gold Limited Rob Brown +61 417 793 733
Luiri Gold Limited (TSXV:LGL)
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